Convera for business: FX rates, forwards and licences

Pricing

Convera quotes each trade.

No margin is published, so compare its quote with the mid-market rate and with a second provider's quote for the same amount on the same day.

FX margin: Quoted per tradeFees in a schedule given to the client; the website converter shows interbank rates, not small-business rates
Sign-up and monthly fees: None
Interest on balances: None

Products

Spot, forwards and orders.

Spot: Yes
Forward contracts: Fixed and window (drawdown), in 44 currencies
Non-deliverable forwards: UK and most EU companies
FX options: Yes, 19 currencies
Swaps: Yes
Market orders: Target-rate orders, up to 60 days
Batch payments: Yes
Forward contract terms: Up to 24 monthsDeposit: usually a percentage of the amount, or a credit line; no % published

140+ currencies, as Convera states.

Who it serves

Who Convera works with.

Who it serves: Small businesses (under $10M revenue), medium and large companies, schools and universities, financial institutions and funds
Margin calls: When a position is out of the money beyond the deposit or credit line: the excess plus 20% of the limit, due within 48 hours

Your money

Where your money sits.

Pooled holding balance in 60+ currencies for up to 180 days; no account details in your name

How it is protected
UK: safeguarded under the Payment Services Regulations 2017 by a guarantee and a segregated client account; the bank is not named.
You still need an account
Payments to Convera come from your own business account, and conversions are paid back to it or to your suppliers.

Need the account behind your FX? Your profile matches you with providers that take your company.

Find my options

Licences

The companies behind Convera.

FCA
Convera UK Financial Limited
Authorised payment institution and investment firm, no. 966305
Register entry
FCA
Convera UK Limited
Authorised payment institution, no. 517165
Register entry
CSSF
Convera Europe S.A.
Payment institution, no. Z00000028
CSSF
Convera Europe Financial S.A.
Investment firm, no. P00000550
MAS
Convera Singapore Pte Ltd
Major payment institution
MAS
Convera Singapore Financial Pte. Ltd.
Capital markets services licence
ASIC
Convera Australia Pty Ltd
Australian financial services licence, no. 404092
Customs and Excise Department
Convera Hong Kong Limited
Money service operator, no. 12-06-00062
FINTRAC
Convera Canada ULC
Money services business
FinCEN and state regulators
Convera USA, LLC
Money transmitter licences

Opening

Getting started with Convera.

How to open: Through sales: contact Convera and complete an application form
Stated time: Not published
Remote: Not published
Support: Phone · Email · Local offices in 19 countries · Account manager and FX dealer for larger clients

Compare

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FAQ

Your questions, answered.

Is Convera the same as Western Union Business Solutions?

Yes. Western Union sold its business payments arm to Goldfinch Partners and The Baupost Group in 2022, and it now trades as Convera.

Does Convera give my business an account?

Not an account in your company's name. It offers a holding balance in 60+ currencies where funds are kept temporarily, for up to 180 days. Payments go to and from your own bank account.

How far ahead can Convera fix a rate?

Up to two years, in 44 currencies, against a deposit that is usually a percentage of the amount, or a credit line. If the position moves against you beyond that, Convera asks for the excess plus 20% of the limit within 48 hours.